XRP has surged over 15% in the last 24 hours, trading at $0.8177 at the time of writing, making it the best-performing asset among the top 100 cryptocurrencies. The rally extended its seven-day gains to 49%, marking its highest level since July 2023, as regulatory optimism fuels market sentiment.
The price spike coincides with speculation about a potential shake-up at the U.S. Securities and Exchange Commission (SEC). Social media rumors suggest SEC Chair Gary Gensler may step down, sparked by a recent note in which he reflected on his tenure.
With Donald Trump preparing for his second term, the crypto community anticipates significant regulatory changes, including the possibility of Gensler’s removal. Market participants also believe that Gensler’s departure could lead to the SEC withdrawing its appeal in the Ripple case, potentially concluding the long-standing legal battle.
Gary Gensler’s term as SEC Chair is officially slated to end in June 2025. However, speculation about an early departure has intensified following President Donald Trump’s pledge to remove him, citing Gensler’s anti-crypto policies as a key point of contention.
Additionally, rumors of Trump eliminating capital taxes on U.S.-issued cryptocurrencies have bolstered bullish sentiment. Adding to the momentum, Société Générale’s digital asset subsidiary SG-FORGE announced plans to deploy its euro-backed stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger.
XRP’s rally defied the broader market trend, with Bitcoin, Ethereum, and Solana posting 4-6% losses due to profit-taking and hawkish remarks from Fed Chair Jerome Powell. Analysts predict further gains for XRP, with short-term targets ranging from $1.03 to as high as $8 this cycle, backed by increased futures market activity.
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